April 2007/3

The failed, London-listed (re)insurer Alea Group Holdings Ltd is set to be bought by private equity-backed FIN Acquisition Ltd (FIN) in a £162mn management buy-out.

Royal Indemnity, previously the US arm of Royal & Sun Alliance (R&SA), has settled with MBIA Inc, one of the plaintiffs in the Student Finance Corporation litigation.

Lloyd's has taken measures to ease the passage of brokers wishing to access the market as it continues to execute its rolling three-year strategy of delivering the "platform of choice".

The multinational broking giants – namely Marsh, Aon, Willis et al – may still be suffering from the effects of a Spitzer-induced hangover, but elsewhere it is becoming difficult to ignore the growing interest in the industry from prospective acquirers.

AXA, the French insurance giant, is set to confirm another UK broker acquisition with its swoop for the private equity backed Smart & Cook, according to reports.

German giant Allianz has become the first insurer to transfer flood risk to the capital markets with a $150mn cat bond issued by Cayman Island’s special purpose vehicle Blue Wings Ltd.